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20130228
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standard & poor's. the debt rating agency gave mortgage-backed securities high ratings. but the u.s. and california's attorneys general say s&p knew that the investments were no good. for the first time, attorney general holder is pointing blame at a wall street firm for helping spark the financial collapse. the government says ratings agency standard & poor's advised investors to buy mortgage investments it knew were risky. >> this alleged conduct is egregious and goes to the heart of the recent financial crisis. >> california lost almost $1 billion attributable to s&p's conduct. >> reporter: big banks packaged their mortgages into securities. s&p gave those securities high ratings signalling to investors that they were a safe bet. but the government says it has evidence s&p knew the investments were in trouble but approved them anyway to get more business from the banks. >> it's sort of like buying sausage from your favorite butcher. and he assures you that the sausage was made fresh that morning and is safe. what he doesn't tell you is that i
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